EXHIBIT 11 ---------- CONSTELLATION BRANDS, INC. AND SUBSIDIARIES COMPUTATION OF EARNINGS PER COMMON SHARE (in thousands, except per share data) For the Nine Months Ended November 30, ---------------------------------------- 2001 2000 ------------------ ------------------ Basic Diluted Basic Diluted -------- -------- -------- -------- Income applicable to common shares $109,420 $109,420 $ 78,965 $ 78,965 ======== ======== ======== ======== Shares: Weighted average common shares outstanding 42,362 42,362 36,615 36,615 Adjustments: Stock options - 1,208 - 668 -------- -------- -------- -------- Adjusted weighted average common shares outstanding 42,362 43,570 36,615 37,283 ======== ======== ======== ======== Earnings per common share $ 2.58 $ 2.51 $ 2.16 $ 2.12 ======== ======== ======== ======== For the Three Months Ended November 30, ---------------------------------------- 2001 2000 ------------------ ------------------ Basic Diluted Basic Diluted -------- -------- -------- -------- Income applicable to common shares $ 49,643 $ 49,643 $ 34,953 $ 34,953 ======== ======== ======== ======== Shares: Weighted average common shares outstanding 43,429 43,429 36,788 36,788 Adjustments: Stock options - 1,310 - 681 -------- -------- -------- -------- Adjusted weighted average common shares outstanding 43,429 44,739 36,788 37,469 ======== ======== ======== ======== Earnings per common share $ 1.14 $ 1.11 $ 0.95 $ 0.93 ======== ======== ======== ========